Contents :
Your letter dated 11 July 2000 which was received on the 12 July 2000 refers.
1) The date of service of the writ of summons:
To the best of the Company's knowledge, no attempt has todate been made to serve the writ of summons directly on the company (see the company's earlier announcement dated 5 July 2000). However, the Plaintiff Malayan Banking Berhad ("MBB") has by its solicitor's letter dated 5 July 2000 made the claim that service has been effected on the Company on 28 June 2000 through the 1st Defendant Measurex Engineering Pte Ltd ("ME").
2) The date of hearing:
The solicitors for MBB and ME are due to attend a pre-trial conference before the Registrar, Supreme Court, Singapore on 26 July 2000. As service of the writ of summons has yet to be effected on the Company, the Company will not be participating in the said pre-trial conference.
3) The Directors'/legal opinion on the outcome of the suit:
The Company wishes to highlight the fact that MBB is basing its claim on, a corporate guarantee which has terms that provided for all rights obligations and liabilities arising thereunder to be construed determined and enforced in accordance with the laws of Malaysia, and the Courts of Malaysia shall have jurisdiction over all disputes arising under the guarantee. Save as aforesaid, as the matter is now pending before the Singapore courts, it would not be appropriate of the company to comment on the outcome of the suit.
4) The operational and financial impact on the Group, if any:
The Bank facilities provided by MBB is for one of the Company's subsidiary, ME and the liabilities have been taken in the account. Hence there is no effect on the NTA of the Group and it is not expected to have any material effect on the operation of the Group.
5) The relationship between ME and the Company:
The Company presently holds 51% of the shares of Measurex Holdings Pte Ltd. ME is a wholly owned subsidiary of Measurex Holdings Pte Ltd.
Query Letter Contents :
We refer to your announcement dated 5 July 2000 in respect of the aforesaid
matter.
In this connection, kindly furnish the Exchange with the following additional
information for public release :-
(1) The date of service of the writ of summons.
(2) The date of hearing.
(3) Directors'/legal opinion on the outcome of the suit.
(4) The operational and financial impact on the Group, if any.
(5) The relationship between Measurex Engineering Pte. Ltd. and your Company.
Kindly furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
Tan Yew Eng
Senior Manager, Listing Operations
LPY/zm
Copy : Securities Commission
